Citigroup swings to loss after $7.2 bln writedown

GregMorcroft

NEW YORK (MarketWatch) - Citigroup, the nation's largest bank by assets, said on Friday that it lost money for the third consecutive quarter after writing down $7.2 billion of investments. The company said it lost $2.5 billion, or 54 cents a share, compared to a profit of $6.23 billion, or $1.24 a share. On a continuing operations basis, the firm lost $2.22 billion, or 49 cents a share, compared to $6.14 billion, or $1.23 a share.

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